Texas Statutes
§ 882.253 — LOANS TO COMPANY.
Texas § 882.253
JurisdictionTexas
Code INInsurance Code
This text of Texas § 882.253 (LOANS TO COMPANY.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Tex. Insurance Code Code Ann. § 882.253 (2026).
Text
Sec. 882.253. LOANS TO COMPANY.
(a)An officer or director of a mutual life insurance company, or a person authorized under Chapter 825 , may loan to the company money to:
(1)promote or conserve the company's business; or
(2)enable the company to comply with a legal requirement.
(b)The company may repay a loan and agreed interest, at an annual rate not to exceed 10 percent, from the surplus remaining after the company provides for the company's reserves and other liabilities.
(c)A loan under this section or interest on a loan is not otherwise a liability or claim against the company or any of its assets.
(d)A mutual life insurance company may not pay a commission or promotion expense in connection with a loan made to the company.
(e)A mutual life insurance company shall report in its
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Legislative History
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 1, eff. June 1, 2003.
Nearby Sections
15
§ 882.002
EXAMINATION OF COMPANY.§ 882.003
ANNUAL STATEMENT.§ 882.051
AUTHORITY TO FORM COMPANY; PURPOSE.§ 882.053
COMPANY'S NAME.§ 882.054
INITIAL BOARD OF DIRECTORS; TERM.§ 882.055
UNENCUMBERED SURPLUS REQUIREMENTS.§ 882.056
APPLICATION FOR CHARTER.§ 882.057
APPLICATION PROCESS.§ 882.058
ACTION ON APPLICATION.§ 882.059
EXAMINATION AFTER DETERMINATION.§ 882.151
BOARD OF DIRECTORS.§ 882.152
ADOPTION OF INITIAL BYLAWS.Cite This Page — Counsel Stack
Bluebook (online)
Texas § 882.253, Counsel Stack Legal Research, https://law.counselstack.com/statute/tx/IN/882.253.